(Price of Oil, Washington, November 2022) This document signed by 54 international civil society organizations outlines how the OECD Arrangement on Officially Supported Export Credits can align with the Paris Agreement warming target of 1.5°C by placing restrictions on export support for oil...
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2022/11/30
Issue: Climate Change, End Coal Financing, OECD, Oil, Gas and Mining, Renewables
Member: Bank Track, Both ENDS, Friends of the Earth Japan, Friends of the Earth USA, Jubilee Australia, Les Amis de la Terre, Oil Change International, Re:Common, urgewald
2022/11/30
Issue: Climate Change, Debt, Renewables, Transparency
(Atlantic Council, Washington, 8 November 2022) It is abundantly clear that achieving net-zero carbon emissions by mid-century is necessary to avoid the worst climate outcomes. However, the path to decarbonizing the energy sector is not “one-size-fits-all” between developed and developing...
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2022/09/28
Country: Australia, Chile, Korea
ECAs: Export Import Bank of Korea
Issue: Renewables
(Aju Business Daily, Seoul, 7 September 2022) Korea Eximbank, an official export credit agency in South Korea, will provide a fund of $100 million to SQM, a Chilean supplier of plant nutrients, iodine, lithium and industrial chemicals, to help ensure a stable supply of lithium for domestic...
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2022/08/30
Issue: Renewables, Transparency
(JD Supra, Sausalito, 23 August 2022) In July 2022, the Equator Principles Association published a Guidance Note on how to apply the latest iteration of the Equator Principles (EP), EP4, during the Environmental and Social Due Diligence (ESDD) process. The Guidance Note is significant because...
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2022/08/30
Country: Korea
Issue: Renewables
(Reuters, Seoul 19 August 2022) South Korea's SK On battery maker has raised about 2 trillion won ($1.51 billion) from private equity firms, pushing the electric vehicle (EV) battery maker's valuation to around 20 trillion won as it works to expand production abroad, local media reported on...
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2022/08/30
Country: USA
ECAs: Export-Import Bank of the United States
Issue: Renewables
(Pumps Africa, Nairobi, 16 August 2022) The government of Nigeria and Sun Africa have inked a deal to reduce the gap in access to electricity between the country’s urban and rural areas through the extension of the national electricity grid in underserved states. The two are set to partner and...
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2022/08/30
Country: United Kingdom
ECAs: UK Export Finance (UKEF)
Issue: Climate Change, Renewables
(Global Compliance News, London, 7 August 2022) On 22 July 2022, the UK government published a policy paper entitled “Resilience for the future: The UK’s critical minerals strategy” (UKCMS). The UKCMS outlines how the UK will secure critical mineral supply chains to ensure the energy transition...
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2022/07/30
Country: Belgium
Issue: Climate Change, End Coal Financing, Oil, Gas and Mining, Renewables
(Oil Change International, Washington, 15 July 2022) Today the Belgian export credit agency Credendo published a new policy to shift public finance out of fossil fuels and into clean energy. The policy is meant to implement a commitment that Belgium made alongside 33 other countries and 5...
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2022/07/30
Country: Canada
ECAs: Export Development Canada
Issue: Climate Change, Oil, Gas and Mining, Renewables
(Bloomberg, Ottawa, 19 July 2022) Canada’s export credit agency is targeting a 15% cut to its financing portfolio for upstream oil and gas production by 2030. The target will include a 3% shift - against a 2020 baseline - in the composition of production to gas from oil, recognizing that the...
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2022/07/30
Country: Korea
ECAs: Euler Hermes Deutschland AG, Export Import Bank of Korea
Issue: Renewables
(Business Korea, Seoul, 29 July 2022) SK On, a battery business subsidiary of SK Innovation, has raised a total of US$2 billion for investment in Europe through official ECAS in Korea and Europe. The company plans to use the funds to finance the construction of its third European plant in...
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2022/07/30
ECAs: Export Import Bank of Korea, UK Export Finance (UKEF)
Issue: Renewables
(Project Finance International, London, 23 July 2022) The 367MW Formosa 2 offshore wind plant has achieved the first delivery of power to the Taiwanese grid, following the installation of 12 turbines. It will have 47 turbines when completed. The international lenders were BNP Paribas, Credit...
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2022/06/29
Country: Denmark, France
ECAs: Denmark EKF
Issue: Renewables
KfW IPEX-Bank, together with Crédit Agricole CIB, Banco Santander, S.A., Mizuho Bank, European Investment Bank (EIB), and the Danish Export Credit Agency (EKF), has decided to finance the 30 MW Eoliennes Flottantes du Golfe du Lion (EFGL) floating wind project offshore France. “Fixed offshore...
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2022/06/29
Country: United Kingdom
ECAs: UK Export Finance (UKEF)
Issue: Climate Change, Renewables
UK Export Finance (UKEF), was named the world’s best for sustainable finance at the TXF Global Export Finance Conference in Lisbon on Tuesday.June 7...
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2022/05/30
Issue: BRIC countries, Renewables
(This Day, Lagos, 8 May 2022) Amidst the present administration’s current efforts aimed at diversifying the base of the Nigerian economy from the perils of oil, the need to provide adequate funding and attention to the non-oil export sector cannot be over-emphasised. Analysts have contended...
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2022/04/30
Country: USA
ECAs: Export-Import Bank of the United States
Issue: Climate Change, Oil, Gas and Mining, Renewables, Transparency
(Bloomberg, Washington, 13 April 2022) The U.S. Export-Import Bank approved a plan Thursday that could yield a flood of financing for U.S. energy ventures, including wind and solar projects, battery manufacturing and terminals to sell LNG overseas. The bank’s board voted 3-0 on a formal policy...
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